First Wave Of Stimulus Checks Deposited By IRS

The Internal Revenue Service said on Saturday that they sent out the first wave of stimulus checks to Americans.

“#IRS deposited the first Economic Impact Payments into taxpayers’ bank accounts today. We know many people are anxious to get their payments; we’ll continue issuing them as fast as we can,” the agency shared via Twitter on Saturday.

#IRS deposited the first Economic Impact Payments into taxpayers’ bank accounts today. We know many people are anxious to get their payments; we’ll continue issuing them as fast as we can. For #COVIDreliefIRS updates see: https://t.co/hEEWmgHA9V pic.twitter.com/2bSHOTjMAS

— IRSnews (@IRSnews) April 11, 2020

According to CNN, deposits will continue in the days ahead, starting with people who have filed their tax returns for 2018 or 2019 and authorized direct deposit. Others — including people who haven’t filed returns, authorized direct deposits, or receive Social Security — will probably have to wait weeks or months before receiving their money.

The IRS urges those who haven’t filed a return for either 2019 or 2018 to do so quickly, including those who don’t normally need to file a tax return.  Even those individuals who earned less than $12,200 in 2019 and couples who earned less than $24,400.

According to a House Democratic memo, the IRS expects to begin issuing paper checks the week of May 4th.

Paper checks will be issued at a rate of about 5 million per week, the memo said and will be based on adjusted gross income, with Individuals with the lowest income set to receive their checks first.